Posted on 04/24/2017 8:32:13 PM PDT by Ciaphas Cain
General Motors' (GM.N) Venezuelan subsidiary has sent a message to almost 2,700 staff informing them that they are no longer employed by the company and had received severance pay in their bank accounts, according to two employees.
A Venezuelan court last week ordered the seizure of the company's Valencia plant, ruling in favor of two dealers that had filed a case in 2000 against the subsidiary on grounds they had not complied with an agreed sale of 10,000 vehicles.
Workers say that before the seizure was announced, GM had been dismantling the plant, which has not produced a car since the beginning of 2016 because of shortages of parts and strict currency controls in the OPEC nation.
The seizure, which GM called "illegal," comes amid a deepening economic and social crisis in leftist-led Venezuela that has already roiled many U.S. companies.
(Excerpt) Read more at reuters.com ...
Brilliant response. Just brilliant.
L
Even if Venezuela wanted to pay for the GM plant, they couldn’t. They can’t afford the ink to print the money.
Finally, someone has surpassed GM in piss poor management.
Who is Juan Galt?
They cant buy food. How are they gonna buy a car ?
Misleading title.
How so?
Seriously, in what world does Maduro live in which he sees anything positive ever coming?
Government Motors gets the government it deserves.
Maybe GM will think twice before moving plants away from the USA? They’re SOL in Venezuela and it doesn’t matter if GM thinks it’s illegal or not.
Maduro....bus-driver-turned-President-dictator.
He probably sucks as a bus driver too.
Sometimes they don’t have a choice. I’m not sticking up for GM or any other company that outsources but sometimes that’s the way it has to be done. Take Honda and Toyota for instance. They would love to build their cars in Japan and keep those jobs there but they have to build a certain percentage here in America with American labor.
True, it’s not an apples and apples comparison, but surely everyone can see why it’s done that way in order to sell American products overseas sometimes. It isn’t as simple as it appears from the outside.
Bus driver? Still more qualified than a community organizer...
I think Maduro secured exile in Kingston, Jamaica last year and is just counting down until the coup.
He’s not expecting to create something good. He’s just trying to hang on to power for dear life.
“Seriously, in what world does Maduro live in which he sees anything positive ever coming?”
He needs to be added to the late George Carlin’s “List of People Who Need to be Killed!”
“I’m not sticking up for GM or any other company that outsources but sometimes that’s the way it has to be done. “
I am very sure that the GM Venezuelan operation was set up to build cars for South America.
We’ve seen that movie in several countries south of our southern border: “The Bad and the Ugly.” ...all corruption on every side.
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